If you’re a trader located in the UK or any other EU country that has adopted vat as a medium of taxation then you should use online VAT registration for faster and secure vat registering. Most countries have computerised their vat operations so you too should reduce time and effort by using all online vat services provided by your vat department.
In the UK vat rules specify that you could make an application for vat registration in case your taxable sales rise over the vat threshold limit of Â£70,000 in the past 1 year or if you feel they will do this over the following 1 month, although you could register before your sales touch this figure. However, you are able to at present only complete basic vat online registration by filling up and submitting vat form 1 online. This form is generally utilised by small establishments. If your vatcontrol business is a partnership firm, a group of companies, or intends to conduct business internationally then you can download and print all vat registration forms but will be required to fill up the form manually before sending it back to the HM Revenue and Customs or hmrc vat department.
If you plan to go in for online vat registration in another eu country that has adopted vat then you will have to first study all applicable vat rules before you register your business online. In case you have trouble in deciphering uk vat or eu vat rules then its better if you appoint a vat agent or even a customs and excise customs vat agent in case you plan to conduct your business on an international level. This will enable you to remain safe while following all vat rules in several countries with falling foul of any department.
When you send your vat online registration form to your hmrc department then you’ll receive a vat questionnaire within 15 days that will need additional details to be submitted such as your organization address, telephone and fax numbers, bank account numbers, and several other details associated with your business together with a few purchase and sales invoices.
Once your application is approved then you will receive your vat number and you will now have to alter your invoicing method to issue vat invoices for all of your sales. This vat invoice will have to display your vat no, vat rate, vat amount and also the same must also be displayed in your vat returns that will have to be submitted to the hmrc vat department at regular intervals.
Currently, in the United Kingdom you will discover 3 types of vat rates applicable to all services and goods. The standard vat rate is 17.5% that is set to increase to 20% from January 4, 2011 onwards. There’s a reduced vat rate of 5% and a zero vat rate on specific services and goods that will remain the same. There are also certain goods and services that are vat exempt. However, the vat rates will vary in each eu country even though basic concept of charging vat tax continues to be same in most vat enabled countries.
If you want to register your organization for vat then going online may help save your time plus enable you to securely complete the required process needed for vat registration. You should simply log on to the hmrc vat department in case your organization is based in the UK or ask your vat agent to do this on your behalf before using online vat registration to have registered as being a vat dealer without having problem.